https://www.taxtmi.com/caselaws?id=434494 The Tribunal held that the Principal Commissioner of Income Tax erred in passing an order under Section 263, revising the assessment order. It was determined that the Assessing Officer had properly examined the issue during the assessment stage, conducted a thorough inquiry, and possessed relevant details. The Tribunal emphasized the AO's discretion in deciding the necessity for further investigation, concluding that the assessment order was not erroneous or prejudicial to revenue. As a result, the PCIT's order under Section 263 was quashed, and the appeal of the assessee was allowed. en-us Wed, 22 Feb 2023 00:00:00 +0530 Fri, 24 Feb 2023 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434494 The Tribunal held that the Principal Commissioner of Income Tax erred in passing an order under Section 263, revising the assessment order. It was determined that the Assessing Officer had properly examined the issue during the assessment stage, conducted a thorough inquiry, and possessed relevant details. The Tribunal emphasized the AO's discretion in deciding the necessity for further investigation, concluding that the assessment order was not erroneous or prejudicial to revenue. As a result, the PCIT's order under Section 263 was quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434494